Palm’s woes get bigger with departure of webOS chief

If Palm was a boat then yet another leak has sprung… and it is a big one. Reuters is reporting that the company has lost the head of its mobile operating system, webOS. Michael Abbott recently joined Palm in 2008 coming from his job at Microsoft where he was the general manager of .NET Online Services.

We previously reported that Palm is looking for a savior. That’s an appropriate way to look at Palm’s troubles now and I would have to say that I’m sure there are many Palm executives who view Abbott as Judas after his resignation. I’m also sure they also didn’t appreciate the sudden drop in stock price upon the announcement of Abbott’s departure.

Palm’s stock dropped almost 12% during trading on Monday indicating investors are now jumping ship with Abbott rather than waiting for the boat to be repaired.

Considering the dramatic drop in Palm’s stock price again you’d have to believe someone is looking to make a grab for Palm at a bargain basement price. Earlier this month, investors were upbeat about a rumor that Lenovo may purchase the company. Perhaps Lenovo will be Palm’s savior, though they may just watch from the shore as Palm sinks below the waves.